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Commercial & Residential Investment, Britannia House, 958-964 High Road, North Finchley, N12 9RY

3,703 to 19,588 Sq Ft / Other / Investment

For Sale

Available - Last updated: 09 June 2024

Opportunity to acquire a discounted freehold mixed-use investment comprising 29 apartments and associated commercial floorspace with planning for further development.  

Location

The property is located on the High Road in North Finchley and is approximately 14-minutes’ walk from Woodside Park underground station, providing services to Euston station within 23 minutes.

Accommodation

27 apartments (4 x studios, 1 x 1 beds, 15 x 2 beds & 7 x 3 beds) extending to a total area of approximately 19,588 sq ft NSA.

Ground floor commercial unit extending to approximately 3,703 sq ft NIA.

Terms

Planning -  Planning permission was submitted on 10th February 2023 for the change of use from E(g)(i) to create 7 self-contained apartments (Planning reference: 23/0596/PNE).

The proposed scheme will comprise 7 x studio apartments extending to approximately 2,838 sq. ft NSA.

Terms - The property is available freehold.

Price on Application

Specification

  • The existing property comprises 27 apartments (4 x studios, 1 x 1 beds, 15 x 2 beds & 7 x 3 beds) extending to a total area of approximately 19,588 sq ft NSA
  • The units are currently let on ASTs generating a combined passing rent of £450,775 per annum.
  • The property also provides a ground floor commercial unit extending to approximately 3,703 sq ft NIA. The unit operates as an eye clinic at a rent of £70,000 per annum.
  • The property provides 8 car parking spaces which are let at £800 per space per annum, equating to an annual income of £9,600.
  • The property provides a roof mast let to T-Mobile at a rent of £7,283 per annum.
  • The vendor is currently in the process of developing a further 2 x 1 bedroom apartments & office floor space via a four storey extension to the east wing of the property and will sell the property subject to the completion of these works (Ref: 17/7144/FUL). The 2 x 1 bedroom apartments will be arranged across first and second floors and extend to a total area of approximately 1,211 sq ft NSA. The office floorspace will be arranged across basement and ground floor and extends to approximately 1,647 sq. ft NIA.
  • The property will therefore comprise 29 apartments (4 x studios, 3 x 1 beds, 15 x 2 beds & 7 x 3 beds) extending to approximately 20,799 sq ft NSA.
  • We are of the opinion that the apartments are significantly underlet and have an ERV of approximately £588,000 per annum.
  • When fully let, the property therefore has an ERV of approximately £707,823 per annum, reflecting a gross initial yield of 6.43% at the purchase price.

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Price on Application For Sale Freehold NA NA

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Contact agents

Alex Hogge

DI Properties Development and Investment

020 3369 0215



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